Four Oaks Fincorp Inc (FOFN) 1.5300 $FOFN
Four Oaks Bank announces board approval of management transition plan
M2 - Tue Jun 09, 7:12AM CDT
The board of directors of Oaks Fincorp Inc (OTCQX:FOFN) approved a management transition plan on Monday, under which the company's and its subsidiary bank's current president, chief operating officer (COO) and board director David H. Rupp will become chief executive officer of both, while Ayden R. Lee Jr, who has been serving as the chief executive officer (CEO) of both will become the executive chairman of the company.
Four Oaks Bank Approves Management Transition Plan
Business Wire - Mon Jun 08, 5:55PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that on June 8, 2015, the Board of Directors of the Company (the "Board" approved a management transition plan (the "Transition Plan" whereby (i) David H. Rupp, the Company's current President, Chief Operating Officer and member of the Board, will become Chief Executive Officer of the Company and the Bank and (ii) Ayden R. Lee, Jr., who has been serving as the Chief Executive Officer of the Company and the Bank, will become the Executive Chairman of the Company. As Executive Chairman, Mr. Lee will provide, among other things, strategic, governance, shareholder relations, and risk management support and oversight to the Company, its executive team and the Board. Mr. Lee will also continue in his role as Chairman of the Board. Upon being appointed as Chief Executive Officer, Mr. Rupp will no longer serve as the Chief Operating Officer of the Company but will continue serving as the President and a member of the Board. The Transition Plan is targeted to become effective on or about June 30, 2015, and is subject to approval by the Federal Reserve Bank of Richmond.
RF: 10.14 (+0.14)
Four Oaks Fincorp, Inc. Announces 2015 First Quarter Earnings
Business Wire - Tue Apr 28, 7:30AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the first quarter ended March 31, 2015. The Company reported net income of $978,000 for the quarter ended March 31, 2015 compared to $1.4 million for the same period in 2014. Net interest income increased during the first quarter of 2015 by $527,000 as compared to the same period in 2014. Non-interest income declined when compared to first quarter 2014 as we recognized one-time payments related to our exit of the ACH third party payment processor ("TPPP" business line. Non-interest expenses increased with the conversion to a new technology platform allowing us to build a foundation for future growth. The Bank's classified assets continue to decline with classified assets to capital ratio of 20.2% as of March 31, 2015 compared to 23.7% at December 31, 2014 and 82.2% at March 31, 2014.
Four Oaks Bank names David H Rupp as new president
M2 - Fri Apr 03, 3:07AM CDT
Four Oaks Fincorp Inc (OTCQX:FOFN), the holding company of Four Oaks Bank & Trust Company (the bank), named on Friday David H Rupp as president of the bank and the company.
Four Oaks Bank Appoints New President
Business Wire - Thu Apr 02, 4:00PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 31, 2015, David H. Rupp was appointed President of the Bank and of the Company. Ayden Lee, Jr., who has been serving as the President of the Company and the Bank, will continue to serve in his roles of Chief Executive Officer of the Company and the Bank and Chairman of the Board of Directors of the Company (the "Board".
RF: 10.14 (+0.14)
Four Oaks Bank Appoints Two New Directors
Business Wire - Fri Mar 27, 2:45PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 23, 2015, Kenneth R. Lehman and David H. Rupp were appointed to the Boards of Directors of the Bank and of the Company.
Four Oaks Bank Welcomes New Chief Credit Officer
Business Wire - Wed Mar 18, 6:45AM CDT
Four Oaks Bank (OTCQX:FOFN) is pleased to welcome Warren "Rocky" Herring to the position of Chief Credit Officer. Mr. Herring was the Chief Credit Officer at Premier Commercial Bank in Greensboro, prior to its recent acquisition. He brings over 20 years experience in the financial and credit industry to his new position at Four Oaks Bank. A 1991 graduate of Duke University, Mr. Herring also earned his Master's Degree in Divinity in 2001 from Southeastern Baptist Theological Seminary in Wake Forest.
Four Oaks Fincorp, Inc. Announces 2014 Fourth Quarter Earnings and Annual Results
Business Wire - Mon Mar 09, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the fourth quarter and twelve months ended December 31, 2014. The Company reported net income of $633,000 for the fourth quarter and a net loss of $4.2 million for the twelve months ended December 31, 2014 compared to a net loss of $402,000 and $350,000 for the same periods in 2013. During 2014, the Company raised $24 million in capital and executed an asset resolution plan, a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The charge for the asset resolution plan was taken in the third quarter of 2014. The Bank's classified assets as of December 31, 2014 totaled $16.8 million, resulting in a classified to capital ratio of 23.7% compared to total classified assets of $50.4 million and a classified to capital ratio of 89.7% at year end 2013. The 66.0% decline in the classified to capital ratio is the result of continued focus on improving asset quality combined with the capital raise and asset resolution plan execution.
Four Oaks Fincorp, Inc. Begins Trading on OTCQX
Business Wire - Mon Feb 02, 2:40PM CST
Four Oaks Fincorp, Inc. (OTCQX: FOFN) holding company for Four Oaks Bank & Trust Company in North Carolina, announced that its common stock began trading today on OTCQX, the best marketplace for established, global and growth companies operated by OTC Markets Group Inc. Prior to this, the company's shares traded on the OTCQB venture marketplace. The Company's ticker symbol "FOFN" remains the same.
OTC Markets Group Welcomes Four Oaks Fincorp to OTCQX®
PR Newswire - Mon Feb 02, 7:00AM CST
OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced Four Oaks Fincorp, Inc. (OTCQX: FOFN), holding company for Four Oaks Bank & Trust Company in North Carolina, has qualified to trade on OTCQX®, the best marketplace.
Four Oaks Fincorp, Inc. Announces 2014 Third Quarter and Year to Date Results
Business Wire - Mon Oct 27, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the third quarter and nine months ended September 30, 2014. The Company reported a net loss of $8.6 million and $4.8 million, respectively, for the third quarter and nine months ended September 30, 2014 compared to net income of $79,000 and $52,000 for the same periods in 2013. During the third quarter the Company raised $24 million in capital and executed an asset resolution plan (the "ARP", a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The Company had net charge-offs totaling $9.6 million and $10.2 million during the quarter and nine months ended September 30, 2014, respectively, as compared to $1.7 million and $4.3 million for the same periods of 2013, respectively. Foreclosed assets totaled $4.7 million at September 30, 2014, down from $8.5 million at December 31, 2013. The change in foreclosed assets can be attributed to $3.7 million in net sales proceeds and $1.7 in write-downs, which was offset by $1.6 million in additions. The elevated levels of charge-offs and write-downs were primarily the result of executing the ARP. Certain impaired loans were charged down to disposal value in anticipation of near-term sales resulting in a decrease in the allowance for loan losses (ALLL) as a percentage of gross loans to 2.09% at September 30, 2014 from 2.35% at December 31, 2013. Net charges for the ARP totaled $9.5 million for the third quarter and nine months ended September 30, 2014. As a result of the ARP, the Bank's Texas Ratio has fallen below 40%. A bank's Texas ratio is a measure of portfolio risk and is calculated by dividing total nonperforming assets, including troubled debt restructurings, by tangible common equity plus the allowance for loan losses. Excluding the charge for the asset resolution plan, the Company earned $0.9 million during the third quarter and $4.7 million for the nine months ended September 30, 2014. Management remains focused on finishing the resolution process and putting legacy loan issues behind the organization.
Four Oaks Fincorp, Inc. Announces Adoption of Tax Asset Protection Plan
Business Wire - Tue Aug 19, 7:19AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that its Board of Directors has adopted a tax asset protection plan (the "Plan" intended to preserve the long-term value of the Company's federal net operating loss and other tax carryforwards, which represent a substantial asset to the Company and its shareholders. The Plan is similar to tax protection plans adopted by other public companies with significant tax carryforwards. As of June 30, 2014, the Company had a federal net operating loss carryforward of approximately $36.8 million, as well as state net operating loss carryforwards and federal and state tax credits that can be carried forward to future years.
Four Oaks Fincorp, Inc. Announces Closing of Rights Offering and Standby Offering
Business Wire - Mon Aug 18, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company, today announced the conclusion of its previously announced rights offering (the "Rights Offering" and concurrent standby offering to Kenneth R. Lehman (the "Standby Offering", in which the Company issued an aggregate of 24,000,000 shares of common stock at $1.00 per share for aggregate gross proceeds of $24.0 million (the maximum permissible pursuant to the terms of the Rights Offering and Standby Offering). In connection with the Rights Offering, 9,248,464 shares were issued to holders upon exercise of their basic subscription privilege (including 2,625,000 shares issued to Mr. Lehman) and 1,376,536 shares were issued to holders upon exercise of their oversubscription privilege, which was approximately 9.2% of the total number of shares requested pursuant to holders' oversubscription privilege. In connection with the Standby Offering, Mr. Lehman purchased an additional 12,500,000 shares.
Four Oaks Fincorp declares expiry of rights offering and results
M2 - Thu Aug 07, 6:53AM CDT
Four Oaks Fincorp Inc (OTCBB:FOFN), the holding company for Four Oaks Bank & Trust Company, disclosed on Thursday that the the subscription period of its rights offering expired at 17:00 Eastern Time, on 31 July 2014.
Four Oaks Fincorp, Inc. Announces 2014 Second Quarter and Year to Date Results
Business Wire - Wed Aug 06, 4:03PM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the second quarter and six months ended June 30, 2014. Net income was $2.4 million and $3.8 million, respectively, for the second quarter and six months ended June 30, 2014 compared to net losses of $105,000 and $28,000 for the same periods in 2013. The Bank was well capitalized at June 30, 2014, with total risk based capital of 12.1%, tier 1 risk based capital of 10.8%, and a leverage ratio of 5.9%. At December 31, 2013, the Bank had total risk based capital of 10.9%, tier 1 risk based capital of 9.7%, and a leverage ratio of 5.5%. The Company had total risk based capital of 11.7%, tier 1 risk based capital of 7.8%, and a leverage ratio of 4.3% at June 30, 2014, as compared to 10.7%, 6.3%, and 3.6%, respectively, at December 31, 2013.
Four Oaks Fincorp, Inc. Announces Preliminary Results of Rights Offering
Business Wire - Wed Aug 06, 2:18PM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company", the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that the subscription period of its previously announced rights offering (the "Rights Offering" expired at 5:00 p.m., Eastern Time, on July 31, 2014. Subscription rights that were not properly exercised by such time have expired and are no longer exercisable.
Four Oaks Bank announces board approval of management transition plan
M2 - Tue Jun 09, 7:12AM CDT
The board of directors of Oaks Fincorp Inc (OTCQX:FOFN) approved a management transition plan on Monday, under which the company's and its subsidiary bank's current president, chief operating officer (COO) and board director David H. Rupp will become chief executive officer of both, while Ayden R. Lee Jr, who has been serving as the chief executive officer (CEO) of both will become the executive chairman of the company.
Four Oaks Bank Approves Management Transition Plan
Business Wire - Mon Jun 08, 5:55PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that on June 8, 2015, the Board of Directors of the Company (the "Board" approved a management transition plan (the "Transition Plan" whereby (i) David H. Rupp, the Company's current President, Chief Operating Officer and member of the Board, will become Chief Executive Officer of the Company and the Bank and (ii) Ayden R. Lee, Jr., who has been serving as the Chief Executive Officer of the Company and the Bank, will become the Executive Chairman of the Company. As Executive Chairman, Mr. Lee will provide, among other things, strategic, governance, shareholder relations, and risk management support and oversight to the Company, its executive team and the Board. Mr. Lee will also continue in his role as Chairman of the Board. Upon being appointed as Chief Executive Officer, Mr. Rupp will no longer serve as the Chief Operating Officer of the Company but will continue serving as the President and a member of the Board. The Transition Plan is targeted to become effective on or about June 30, 2015, and is subject to approval by the Federal Reserve Bank of Richmond. RF: 10.14 (+0.14)
Four Oaks Fincorp, Inc. Announces 2015 First Quarter Earnings
Business Wire - Tue Apr 28, 7:30AM CDT
Four Oaks Fincorp, Inc. (OTCQX: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the first quarter ended March 31, 2015. The Company reported net income of $978,000 for the quarter ended March 31, 2015 compared to $1.4 million for the same period in 2014. Net interest income increased during the first quarter of 2015 by $527,000 as compared to the same period in 2014. Non-interest income declined when compared to first quarter 2014 as we recognized one-time payments related to our exit of the ACH third party payment processor ("TPPP" business line. Non-interest expenses increased with the conversion to a new technology platform allowing us to build a foundation for future growth. The Bank's classified assets continue to decline with classified assets to capital ratio of 20.2% as of March 31, 2015 compared to 23.7% at December 31, 2014 and 82.2% at March 31, 2014. Four Oaks Bank names David H Rupp as new president
M2 - Fri Apr 03, 3:07AM CDT
Four Oaks Fincorp Inc (OTCQX:FOFN), the holding company of Four Oaks Bank & Trust Company (the bank), named on Friday David H Rupp as president of the bank and the company.
Four Oaks Bank Appoints New President
Business Wire - Thu Apr 02, 4:00PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 31, 2015, David H. Rupp was appointed President of the Bank and of the Company. Ayden Lee, Jr., who has been serving as the President of the Company and the Bank, will continue to serve in his roles of Chief Executive Officer of the Company and the Bank and Chairman of the Board of Directors of the Company (the "Board". RF: 10.14 (+0.14)
Four Oaks Bank Appoints Two New Directors
Business Wire - Fri Mar 27, 2:45PM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", is proud to announce that, effective March 23, 2015, Kenneth R. Lehman and David H. Rupp were appointed to the Boards of Directors of the Bank and of the Company. Four Oaks Bank Welcomes New Chief Credit Officer
Business Wire - Wed Mar 18, 6:45AM CDT
Four Oaks Bank (OTCQX:FOFN) is pleased to welcome Warren "Rocky" Herring to the position of Chief Credit Officer. Mr. Herring was the Chief Credit Officer at Premier Commercial Bank in Greensboro, prior to its recent acquisition. He brings over 20 years experience in the financial and credit industry to his new position at Four Oaks Bank. A 1991 graduate of Duke University, Mr. Herring also earned his Master's Degree in Divinity in 2001 from Southeastern Baptist Theological Seminary in Wake Forest.
Four Oaks Fincorp, Inc. Announces 2014 Fourth Quarter Earnings and Annual Results
Business Wire - Mon Mar 09, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCQX:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the fourth quarter and twelve months ended December 31, 2014. The Company reported net income of $633,000 for the fourth quarter and a net loss of $4.2 million for the twelve months ended December 31, 2014 compared to a net loss of $402,000 and $350,000 for the same periods in 2013. During 2014, the Company raised $24 million in capital and executed an asset resolution plan, a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The charge for the asset resolution plan was taken in the third quarter of 2014. The Bank's classified assets as of December 31, 2014 totaled $16.8 million, resulting in a classified to capital ratio of 23.7% compared to total classified assets of $50.4 million and a classified to capital ratio of 89.7% at year end 2013. The 66.0% decline in the classified to capital ratio is the result of continued focus on improving asset quality combined with the capital raise and asset resolution plan execution. Four Oaks Fincorp, Inc. Begins Trading on OTCQX
Business Wire - Mon Feb 02, 2:40PM CST
Four Oaks Fincorp, Inc. (OTCQX: FOFN) holding company for Four Oaks Bank & Trust Company in North Carolina, announced that its common stock began trading today on OTCQX, the best marketplace for established, global and growth companies operated by OTC Markets Group Inc. Prior to this, the company's shares traded on the OTCQB venture marketplace. The Company's ticker symbol "FOFN" remains the same.
OTC Markets Group Welcomes Four Oaks Fincorp to OTCQX®
PR Newswire - Mon Feb 02, 7:00AM CST
OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced Four Oaks Fincorp, Inc. (OTCQX: FOFN), holding company for Four Oaks Bank & Trust Company in North Carolina, has qualified to trade on OTCQX®, the best marketplace.
Four Oaks Fincorp, Inc. Announces 2014 Third Quarter and Year to Date Results
Business Wire - Mon Oct 27, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the third quarter and nine months ended September 30, 2014. The Company reported a net loss of $8.6 million and $4.8 million, respectively, for the third quarter and nine months ended September 30, 2014 compared to net income of $79,000 and $52,000 for the same periods in 2013. During the third quarter the Company raised $24 million in capital and executed an asset resolution plan (the "ARP", a process to identify and value for disposal various impaired legacy loans and foreclosed real estate. The Company had net charge-offs totaling $9.6 million and $10.2 million during the quarter and nine months ended September 30, 2014, respectively, as compared to $1.7 million and $4.3 million for the same periods of 2013, respectively. Foreclosed assets totaled $4.7 million at September 30, 2014, down from $8.5 million at December 31, 2013. The change in foreclosed assets can be attributed to $3.7 million in net sales proceeds and $1.7 in write-downs, which was offset by $1.6 million in additions. The elevated levels of charge-offs and write-downs were primarily the result of executing the ARP. Certain impaired loans were charged down to disposal value in anticipation of near-term sales resulting in a decrease in the allowance for loan losses (ALLL) as a percentage of gross loans to 2.09% at September 30, 2014 from 2.35% at December 31, 2013. Net charges for the ARP totaled $9.5 million for the third quarter and nine months ended September 30, 2014. As a result of the ARP, the Bank's Texas Ratio has fallen below 40%. A bank's Texas ratio is a measure of portfolio risk and is calculated by dividing total nonperforming assets, including troubled debt restructurings, by tangible common equity plus the allowance for loan losses. Excluding the charge for the asset resolution plan, the Company earned $0.9 million during the third quarter and $4.7 million for the nine months ended September 30, 2014. Management remains focused on finishing the resolution process and putting legacy loan issues behind the organization. Four Oaks Fincorp, Inc. Announces Adoption of Tax Asset Protection Plan
Business Wire - Tue Aug 19, 7:19AM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that its Board of Directors has adopted a tax asset protection plan (the "Plan" intended to preserve the long-term value of the Company's federal net operating loss and other tax carryforwards, which represent a substantial asset to the Company and its shareholders. The Plan is similar to tax protection plans adopted by other public companies with significant tax carryforwards. As of June 30, 2014, the Company had a federal net operating loss carryforward of approximately $36.8 million, as well as state net operating loss carryforwards and federal and state tax credits that can be carried forward to future years. Four Oaks Fincorp, Inc. Announces Closing of Rights Offering and Standby Offering
Business Wire - Mon Aug 18, 7:00AM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company, today announced the conclusion of its previously announced rights offering (the "Rights Offering" and concurrent standby offering to Kenneth R. Lehman (the "Standby Offering", in which the Company issued an aggregate of 24,000,000 shares of common stock at $1.00 per share for aggregate gross proceeds of $24.0 million (the maximum permissible pursuant to the terms of the Rights Offering and Standby Offering). In connection with the Rights Offering, 9,248,464 shares were issued to holders upon exercise of their basic subscription privilege (including 2,625,000 shares issued to Mr. Lehman) and 1,376,536 shares were issued to holders upon exercise of their oversubscription privilege, which was approximately 9.2% of the total number of shares requested pursuant to holders' oversubscription privilege. In connection with the Standby Offering, Mr. Lehman purchased an additional 12,500,000 shares. Four Oaks Fincorp declares expiry of rights offering and results
M2 - Thu Aug 07, 6:53AM CDT
Four Oaks Fincorp Inc (OTCBB:FOFN), the holding company for Four Oaks Bank & Trust Company, disclosed on Thursday that the the subscription period of its rights offering expired at 17:00 Eastern Time, on 31 July 2014.
Four Oaks Fincorp, Inc. Announces 2014 Second Quarter and Year to Date Results
Business Wire - Wed Aug 06, 4:03PM CDT
Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced the results for the second quarter and six months ended June 30, 2014. Net income was $2.4 million and $3.8 million, respectively, for the second quarter and six months ended June 30, 2014 compared to net losses of $105,000 and $28,000 for the same periods in 2013. The Bank was well capitalized at June 30, 2014, with total risk based capital of 12.1%, tier 1 risk based capital of 10.8%, and a leverage ratio of 5.9%. At December 31, 2013, the Bank had total risk based capital of 10.9%, tier 1 risk based capital of 9.7%, and a leverage ratio of 5.5%. The Company had total risk based capital of 11.7%, tier 1 risk based capital of 7.8%, and a leverage ratio of 4.3% at June 30, 2014, as compared to 10.7%, 6.3%, and 3.6%, respectively, at December 31, 2013. Four Oaks Fincorp, Inc. Announces Preliminary Results of Rights Offering
Business Wire - Wed Aug 06, 2:18PM CDT
Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the "Company"
, the holding company for Four Oaks Bank & Trust Company (the "Bank", today announced that the subscription period of its previously announced rights offering (the "Rights Offering" expired at 5:00 p.m., Eastern Time, on July 31, 2014. Subscription rights that were not properly exercised by such time have expired and are no longer exercisable. 
